IREN Surges 11% After Outpacing MARA in July Bitcoin Production

     

Miner beats bigger rival despite lower hashrate, expands AI footprint

Bitcoin miner IREN Ltd saw its stock jump 11.4% on Wednesday, closing at $18.32, after reporting stronger July production than its larger competitor MARA Holdings. IREN mined 728 BTC last month, outpacing MARA’s 703 BTC despite operating with a smaller deployed hashrate – 50 EH/s versus MARA’s 58.9 EH/s.

The company’s average hashrate in July stood at 45.4 EH/s, signaling robust operational efficiency and uptime. The performance comes amid rising mining difficulty, which continues to challenge miners’ profitability unless offset by technological upgrades or reduced power costs.

While MARA posted solid Q2 earnings with $238 million in revenue and a 64% year-on-year jump, its July mining output dipped. MARA still holds the second-largest corporate Bitcoin treasury, with 50,000 BTC behind only MicroStrategy.

IREN’s Stock Gains Outpace Competitors

IREN’s strong results pushed its market capitalization to $4.11 billion, now second only to MARA among public Bitcoin mining firms. By contrast, most competitors posted modest single-digit gains between 1% and 5% on the day.

The company’s performance not only boosted investor sentiment but also positioned IREN ahead of Riot Platforms and Core Scientific in market cap rankings.

AI Expansion Adds Momentum

Beyond mining, IREN is accelerating its pivot into AI infrastructure. Of its $86 million July revenue, $2.3 million came from its growing AI cloud segment. The firm is leveraging Nvidia Blackwell GPUs to power its AI services, with 2,400 units purchased in July and the first 256 already delivered.

Co-founder and co-CEO Daniel Roberts noted the dual operation of mining rigs and AI GPUs highlights IREN’s infrastructure versatility and ability to capitalize on emerging opportunities.

Comeback Story After Being Labeled “Overvalued”

IREN’s resurgence marks a turnaround from just a year ago, when Culper Research labeled the firm “wildly overvalued” and criticized its AI ambitions as underdeveloped. The short-seller mocked the company’s tech push, comparing it to showing up to the Monaco Grand Prix in a Toyota Prius.

Since hitting a low of $5.59 in April, IREN shares have rebounded 227%, proving doubters wrong – at least for now – as it gains momentum in both Bitcoin mining and AI.